Acadia Realty Trust (NYSE:AKR) Hits New 12-Month High at $23.35

Acadia Realty Trust (NYSE:AKR)’s share price reached a new 52-week high on Tuesday . The company traded as high as $23.35 and last traded at $23.26, with a volume of 248649 shares traded. The stock had previously closed at $23.00.

Analyst Ratings Changes

AKR has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised Acadia Realty Trust from an “underweight” rating to a “neutral” rating and set a $18.00 price objective for the company in a research report on Wednesday, June 26th. StockNews.com cut Acadia Realty Trust from a “hold” rating to a “sell” rating in a research report on Friday, September 20th. Truist Financial lifted their price target on Acadia Realty Trust from $18.00 to $23.00 and gave the stock a “hold” rating in a research report on Wednesday, August 28th. Finally, Compass Point lifted their price target on Acadia Realty Trust from $22.00 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $20.80.

Acadia Realty Trust Price Performance

The stock has a 50 day simple moving average of $21.82 and a two-hundred day simple moving average of $18.83. The firm has a market cap of $2.42 billion, a PE ratio of 290.63, a price-to-earnings-growth ratio of 5.98 and a beta of 1.47. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.08 and a current ratio of 1.08.

Acadia Realty Trust (NYSE:AKR) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.30). Acadia Realty Trust had a net margin of 0.20% and a return on equity of 0.03%. The company had revenue of $87.25 million for the quarter, compared to analysts’ expectations of $70.16 million. During the same quarter in the previous year, the business posted $0.36 EPS. The business’s quarterly revenue was down 3.0% on a year-over-year basis. Sell-side analysts expect that Acadia Realty Trust will post 1.29 earnings per share for the current year.

Acadia Realty Trust Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Monday, September 30th. This is a positive change from Acadia Realty Trust’s previous quarterly dividend of $0.18. Acadia Realty Trust’s payout ratio is currently 900.00%.

Hedge Funds Weigh In On Acadia Realty Trust

Several institutional investors and hedge funds have recently modified their holdings of AKR. Cohen & Steers Inc. boosted its holdings in Acadia Realty Trust by 5.2% in the 4th quarter. Cohen & Steers Inc. now owns 15,790,037 shares of the real estate investment trust’s stock worth $268,273,000 after buying an additional 776,121 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Acadia Realty Trust by 2.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,460,179 shares of the real estate investment trust’s stock worth $143,741,000 after purchasing an additional 223,215 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Acadia Realty Trust by 7.7% during the first quarter. Vanguard Group Inc. now owns 16,682,822 shares of the real estate investment trust’s stock worth $283,775,000 after buying an additional 1,192,138 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of Acadia Realty Trust by 2.4% in the second quarter. Louisiana State Employees Retirement System now owns 51,900 shares of the real estate investment trust’s stock valued at $930,000 after buying an additional 1,200 shares during the last quarter. Finally, Capstone Investment Advisors LLC acquired a new position in Acadia Realty Trust during the first quarter worth about $260,000. Hedge funds and other institutional investors own 97.65% of the company’s stock.

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual Core Portfolio and Fund operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation's most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet.